Cancer Genetics Announces Pricing of Public Offering of 1,500,000 Shares of Common Stock
August 13 2013 - 7:29PM
Cancer Genetics, Inc. (Nasdaq:CGIX), a diagnostics company focused
on developing genomic-based, oncology tests and services, today
announced the pricing of its public offering of 1,500,000 shares of
its common stock at a price to the public of $10.00 per share. The
gross proceeds to Cancer Genetics from the public offering are
expected to be $15,000,000, before underwriting discounts and
commissions and other offering expenses payable by Cancer Genetics.
The Company intends to use the net proceeds from the offering to
expand sales and marketing, to further product commercialization,
to invest in its Mayo Clinic joint venture, to retire mezzanine
financing, to continue research and development, and to fund other
general working capital needs.
Cancer Genetics also announced that its common stock will begin
trading on The NASDAQ Capital Market under the symbol "CGIX" on
August 14, 2013. In connection with this listing, Cancer Genetics'
common stock will cease trading on the OTC QB.
Cancer Genetics has also granted the representative of the
underwriters a 45-day option to purchase up to 225,000 additional
shares of common stock from Cancer Genetics to cover
over-allotments, if any. The offering is expected to close on
August 19, 2013, subject to customary closing conditions.
Aegis Capital Corp. is acting as sole book-running manager for
the offering.
Feltl and Company, Inc. is acting as co-lead manager for the
offering.
This offering is being made only by means of a prospectus.
Copies of the prospectus relating to this offering may be obtained
by contacting Aegis Capital Corp., Prospectus Department, 810
Seventh Avenue, 18th Floor, New York, NY 10019, telephone:
212-813-1010, e-mail: prospectus@aegiscap.com.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
August 13, 2013. This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cancer Genetics:
Cancer Genetics, Inc. (CGI) is an emerging leader in DNA-based
cancer diagnostics and services some of the most prestigious
medical institutions in the world. Our tests target cancers that
are difficult to diagnose and predict treatment outcomes. These
cancers include hematological, urogenital and HPV-associated
cancers. We also offer a comprehensive range of non-proprietary
oncology-focused tests and laboratory services that provide
critical genomic information to healthcare professionals as well as
biopharma and biotech. Our state-of-the-art reference lab is
focused entirely on maintaining clinical excellence and is both
CLIA certified and CAP accredited and has licensure from several
states including New York State. CGI has established strong
research collaborations with major cancer centers such as Memorial
Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National
Cancer Institute. For further information, please see
www.cancergenetics.com.
Forward Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements pertaining to future financial and/or
operating results, future growth in research, technology, clinical
development and potential opportunities for Cancer Genetics, Inc.
products and services, along with other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management constitute forward-looking statements. In addition, the
offering is subject to market and other conditions and there can be
no assurance as to the estimated proceeds from the offering and the
anticipated use of proceeds from the offering. Any statements that
are not historical fact (including, but not limited to, statements
that contain words such as "will," "believes," "plans,"
"anticipates," "expects," "estimates") should also be considered to
be forward-looking statements. Forward-looking statements involve
risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, uncertainty in the results of clinical trials or
regulatory approvals, need and ability to obtain future capital,
and maintenance of intellectual property rights and other risks
discussed in the Company's Form 10-Q for the quarter ended June 30,
2013 and other filings with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date hereof.
Cancer Genetics disclaims any obligation to update these
forward-looking statements.
CONTACT: Investor Relations
RedChip Companies, Inc.
Jon Cunningham, 800-733-2447, ext. 107
jon@redchip.com
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